18SS House Bill 2

Actions

Last Action	posting waived
Title	AN ACT relating to retirement.
Bill Documents	Introduced
Impact Statements	Actuarial Analysis Local Mandate
Bill Request Number	8
Sponsor	J. Miller
Summary of Original Version	Amend KRS 161.620 to provide that the 3.0% benefit factor for years of service in excess of 30 in the Teachers' Retirement System shall only apply to years of service earned prior to July 1, 2024; create a new section of KRS 78.510 to 78.852 to provide that CERS employer contribution rates shall not increase by more than 12% per year over the prior fiscal year from July 1, 2018, to June 30, 2028; provide that CERS rate increase limit is retroactive to July 1, 2018; include severability clause; provide that KRS 6.350 and 6.955 shall not apply to this Act.
Index Headings of Original Version	Actuarial Analysis - Retirement, CERS employer rate phase-in Local Mandate - Retirement, CERS employer rate phase-in Local Government - CERS, phase-in through 2028 Public Officers and Employees - Retirement, CERS employer rate phase-in Retirement and Pensions - CERS, phase-in through 2028 Retirement and Pensions - Teachers' Retirement System, limit on 3.0% benefit factor